Economic Adviser to Maliki Criticized the Policy of the Central Bank to Raise the Dinar Against the Dollar

Criticized the Adviser to the Prime Minister for Economic Affairs Abdul Hussein Al-Anbuge, Saturday, the Iraqi Central Bank’s policy to lift the Iraqi dinar against the U.S. dollar, while noting that the bank had not coordinated with the economic system in addressing the situation, saying that such policy violates the productive base in Iraq.

Said Abdul Hussein Al-Anbuge in an interview for “Alsumaria News”, “the central bank to raise the Iraqi dinar against the U.S. dollar at the present time is true that the rise is real,” noting that “the image of the Iraqi economy is reflected in the exchange rate of the dinar.”

He Anbuge “Raising the price of the Iraqi dinar in this way now will contribute to enhancing the phenomenon of economic rent because it will make imports cheaper and thus lead to a deepening of this phenomenon,” adding that “this phenomenon will feel the citizen that he should remain imports which are not the productive base in the Iraqi economy which seeks to get to the economic development in all other sectors.”

He Anbuge that “the Bank in this way serves to protect the foreign product at the expense of the local product,” pointing out that “the bank did not coordinate with other economic system policies in dealing with the economic situation in Iraq.”

The Anbuge that “there is a misconception to the issue of independence by the Central Bank of Iraq, which does not usually mean that the decisions taken far from the interests of the economy, which is supposed to be ruling in that,” asserting that “monetary policy is a policy adapted to the economic policies of the other” .

And had previously objected to an adviser to Prime Minister for Economic Affairs Abdullah Al-Hussein Anbuge the policy of the Iraqi Central Bank, which aims to cancel the deletion of three zeros from the Iraqi dinar and the currency exchange, noting that this would cause great mischief.

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh announced in an interview for “Alsumaria News”, in the 19 of January current, for he raised the price of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign currency at the rate of four dinars, indicating that the rate of the dinar nominal not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar.

It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays which stops the bank from those auctions, is the Central Bank of Iraq under the law issued on the sixth of March of 2004, which refers to him as an independent body which is responsible for maintaining the stability of the prices and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the financial system competitive and independent.